Lyondell Trustee Goes After Smaller Shareholders

Law360, New York (December 20, 2011, 5:04 PM EST) -- The trustee for the LB Creditor Trust, tasked with recovering funds from the leveraged buyout of Lyondell Chemical Co., filed a new clawback suit Monday against defendants including Charles Schwab & Co. Inc. and a class of 32,000 investors.

Trustee Edward S. Weisfelner filed the New York state court suit seeking to get back a portion of the $12.5 billion paid to shareholders during Lyondell's 2007 leveraged buyout, an amount he says was far too high.

Weisfelner says the shareholder payments, issued as consideration in a...
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